$100m expected revenue from dollar certificates of deposit in Qatar

Mahmoud Fawzy, Egyptian ambassador in Doha, expected that dollar certificates of deposit, offered for Egyptians living abroad in coordination with Ahli Bank QSC and Qatar International Bank in Qatar, will receive a high turnout.
Fawzy added, at Connect Arab Summit ended last week, that Egyptians in Qatar exceed 130 thousand and that the expected revenue from dollar certificates of deposit is about $100 million that will help in raising foreign reserves for Egypt.

Qatar did not stop its investments in Egypt, Fawzy affirmed, as Qatari officials stressed on the necessity of continuing injecting investments in Egypt as they granted Egypt’s treasury $ 500 million to help provide the needed cash liquidity to Egypt after January 25th revolution. In addition, Qatar officials assured that they will inject the investments they promised before which is in value to $10 billion, but they are waiting till the political and security statuses become stable in Egypt

Dr. Mohamed Salem, Minister of Communications and Information Technology, announced before that there were talks with Qatari officials who said they intend to invest in communications in Egypt, but they did not decide a time yet. National Bank of Egypt (NBE) has started this week in marketing dollar certificates of deposit in Arab counties and globally, which will be offered for Egyptians living abroad by the mid March for six months, $ 1000 as a minimum limit for the certificate and without a maximum limit.

Source at the Bank said that maturity date of the Government-guaranteed Egyptian dollar certificates of deposit is up to 3 years.

An official at Ministry of finance said that the Government eyes $ 3 billion revenue from dollar certificates of deposit, made in accordance to Central Bank of Egypt, Ministry of finance and National Bank of Egypt, Almasry Alyoum reported.